JPSCU AR 2018 finan web

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NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st December 2018 (Expressed in Jamaican Dollars unless otherwise indicated) 2. Adoption of Standards, Interpretations and Amendments (Cont'd): (a) Standards and interpretations in respect of published standards which are in effect (cont'd): Amendments to IAS 40 - Investment Property Transfers of Investment Property (Effective January 2018) The amendments to IAS 40 Investment Property: - - Amends paragraph 57 to state that an entity shall transfer a property to, or from, investment property when, and only when, there is evidence of a change in use. A change of use occurs if property meets, or ceases to meet, the definition of investment property. A change in management‟s intentions for the use of a property by itself does not constitute evidence of a change in use. The list of examples of evidence in paragraph 57(a) – (d) is now presented as a non-exhaustive list of examples instead of the previous exhaustive list. IFRIC 22 - Foreign Currency Transactions and Advance Consideration (Effective January 2018) The interpretation addresses foreign currency transactions or parts of transactions where: - - - there is consideration that is denominated or priced in a foreign currency; the entity recognises a prepayment asset or a deferred income liability in respect of that consideration, in advance of the recognition of the related asset, expense or income; and the prepayment asset or deferred income liability is non-monetary. The Interpretations Committee came to the following conclusion: - The date of the transaction, for the purpose of determining the exchange rate, is the date of initial recognition of the non-monetary prepayment asset or deferred income liability. - If there are multiple payments or receipts in advance, a date of transaction is established for each payment or receipt. These affected the financial statements for accounting periods beginning on or after the first day of the months stated. The adoption of these Standards and amendments had no material impact on the Credit Union's financial statements. (b) Standards and interpretations in respect of published standards that are not in effect: Certain new, revised and amended standards and interpretations have been issued which are not yet effective for the current year and which the Credit Union has not early-adopted. The Credit Union has assessed the relevance of all the new standards, amendments and interpretations with respect to the credit union's operations and has determined that the following are likely to have an effect on the Credit Union's financial statements: IFRS 16 - Leases (Effective January 2019) IFRS 16 specifies how an IFRS reporter will recognise, measure, present and disclose leases. The standard provides asinglelesseeaccountingmodel,requiringlesseestorecogniseassetsandliabilitiesforallleasesunlessthelease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16‟s approach to lessor accounting substantially unchanged from its predecessor, IAS 17. JPS & Partners Co-operative Credit Union 18
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st December 2018 (Expressed in Jamaican Dollars unless otherwise indicated) 2. Adoption of Standards, Interpretations and Amendments (Cont'd): (b) Standards and interpretations in respect of published standards that are in effect (cont'd): Prepayment Features with Negative Compensation (Amendments to IFRS 9) (Effective January 2019) Amends the existing requirements in IFRS 9 regarding termination rights in order to allow measurement at amortised cost (or, depending on the business model, at fair value through other comprehensive income) even in the case of negative compensation payments. Annual Improvements to IFRS Standards 2015–2017 Cycle contains amendments to certain standards and interpretations and are effective for accounting periods beginning on or after January 2019 Makes amendments to the following standards: • IFRS 3: Business Combinations and IFRS 11: Joint Arrangements (Effective January 2019) The amendments to IFRS 3 clarify that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. The amendments to IFRS 11 clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. • IAS 23: Borrowing Costs (Effective January 2019) The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on general borrowings. Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) (Effective January 2019) The amendments in Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) are: • If a plan amendment, curtailment or settlement occurs, it is now mandatory that the current service cost and the net interest for the period after the remeasurement are determined using the assumptions used for the remeasurement. • In addition, amendments have been included to clarify the effect of a plan amendment, curtailment or settlement on the requirements regarding the asset ceiling. Definition of Material (Amendments to IAS 1 and IAS 8) (Effect January 2020) The amendments in Definition of Material (Amendments to IAS 1 and IAS 8) clarify the definition of „material‟ and align the definition used in the Conceptual Framework and the standards. These affect financial statements for accounting periods beginning on or after the first day of the month stated. The Credit Union is assessing the impact these amendments will have on its financial statements. 19 Annual Report 2018
Page 1: Financial Statements as at December
Page 4 and 5: REPORT OF THE INDEPENDENT AUDITORS
Page 6 and 7: g REPORT OF THE INDEPENDENT AUDITOR
Page 8 and 9: STATEMENT OF FINANCIAL POSITION as
Page 10 and 11: STATEMENT OF CHANGES IN EQUITY For
Page 16 and 17: NOTES TO THE FINANCIAL STATEMENTS F

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